Is your SS world going away because there won’t be anyone to buy your deal from you? Vote and lets see what the people think.
lots of investors are TRYING to sell bundles here in chicago and outlying areas
they want out bad but some will not budge,i’ll just wait until the equity magically disappears on their end
they wont budge,10% discount,OH BOY…call me when u drop at least 30-50%%…these are low income neighborhoods,
i am patient
they are throwing in tenants to look even better,no proof of cxl checks for rent etc…same bs
p.s. ss is toast,…i have been saying that for awhile,dont get taken in on the new SS get rich quick scams,…my specialty has been get rich quick advertising in the 80s and 90s,i PERSONALLY RAN (WRITTEN AND DESIGNED) MANY ADS!!!
my 2 cents
Robert A. Doncaster, Jr. - “RAD”
Import/Export Entrepreneur & Investor
*** DO YOUR HOMEWORK ***
Chicago Illinois USA
& sometimes Salzburg, Austria
As a reminder, the Forum Rules state, “**No Profanity or Name Calling - if you disagree, that’s fine, but do so in a professional manner”.
Please self-police yourself and your previous post or we’ll do it for you (you probably won’t like the results of the latter).
Woah, I thought more people would have voted by now. Sorry if I wasted the forum’s time. I thought this would elicit more discussions about the future of SS’ing. That was my intension…
I know we didn’t get off to a great start with you here, but in REALITY, maybe the market is telling you something.
If you posted a question about rehabs or rentals you would have recieved lots of responces. But the reality of our current market means people are being VERY careful. That does not mean you can not make money with short sales. People will, the problem is the banks want to deal with experienced investors who have DEEP pockets. Trying to scalp homes by short selling in this market is VERY risky. Again it can be done, but we are fast approaching a time when investors will be HAPPY to just PRESERVE their capital. Keeping your powder dry means you live to fight in better conditions. That was all I was trying to impress on you. No more, no less.
Just my 2 cents, but I believe one way or the other you’ll find I am correct. It’s not because I’m smarter than anyone else, I’ve just done it for over 20 years. I couldn’t walk in and replace you at your profession. Why would you think you could do it in mine?
After reading this post coupled with reading half of your posts on all the various forums here over the last few days, I must admit you are quite the wise and knowledgeable REI for sure. I started sh!t with the wrong person obviously. As I read alot…ALOT of your posts, I came to the conclusion that 1) you really are a sharp REI investor and 2) you make alot of very valid points, and finally 3) I agree with most of what you say in your posts and learned a good deal from them. So with that said, let me apologize for my attitude, and also thank you for being a valuable contributor here.
I’m pleased to hear that you feel there’s still money to be made in shorts, obviously with a few caveats though, because I’m really psyched to get involved eventually. I’ll be careful and wait until I know the time is right before proceeding.
Thanks for the advice Pete.
And BTW: you beat me to the peace offering…I swear it.
Thanks, and be sure to keep us updated on your short sales.
There is opportunity in that segment, and don’t hesitate to use the members here to bounce ideas off of.
Good Luck with all your future plans.
S4 /-// - petemfa
I’m glad you two put away your swords and zipped up.
Now I really do want to know how people are doing with SS? The amount of inventory with lenders is huge in my area(Chicago). Yet 3 shorts I was working this year failed to be approved. Here’s the kicker. All of them went to auction where the lender took them back and put them on the MLS for less than what I offered to pay. Someone wrote that the lenders are not hurting yet and think this must be correct. The lenders I have been dealing with have acted as though they could care less about selling the home before the auction. Fremont Investment was the last lender I shorted (July) with and they were very accommodating.
So what does this mean? I have done 2 shorts this year that I wholesaled. I made money on the deals so I’m going to keep trying at it. I just started this last May so I am very new to REI.
How are others doing in this market with short sales? Are lenders selling at costs that make the deal work for you? I use the ARV *.7 Minus repairs formula and have been able to find lenders that accept that number. What about you?